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"One Thing we Wait for" - Sun. PM KTFA Thoughts/News 5/20/18

Article: “IRANIAN CONSULATES IN IRAQ REPLACE THE DOLLAR WITH DINAR IN ITS DEALING”

Iran to ditch the USD for the IQD?!?!? T throwing down $300B trade deficit?!?! NK De-Nuking (possibly)?!?! I’d say a suitable world environment is just about upon us!!! All glory and honor to the Father for his faithfulness here at KTFA / Kona and beyond!!!

MilitiaMan » May 20th, 2018

There is effectively one thing we wait for and that is the RI to complete the process that is underway, imo. That process as of today is proceeding just fine, as we see the very recent call for ceasing of the Multi Currency Practices (MCPs) which is an IMF mandate, whereby now, Iran has given the order to her embassies to cease using the Dollar and use Dinar only.

It apparently stems from the USA sanctions imposed on 05/08/2018 in this instance anyway. imo Now recall that we had articles out on 05/09/2018 saying they were having to put off travelers for the Hajj, as the banks in the Iranian region had no currency infrastructure to accommodate the people, yet, today we learn they will be using IQD by this coming Tuesday in that region...

Now, if one thinks about it there has been ample time to gear for this to be initiated. The very last of the process may take hours to a few days, but, it is now presently after elections, thus, the process is said to be un-abating, threfore logic suggests the timing is very powerful going forward now.. imo ~ MM:

Don961 » May 20th, 2018

Damaged currency causes great suffering and embarrassment to citizens

21/5/2018 12:00 am

Some circles do not accept dealing with them

Baghdad / Huda al-Azzawi

The Iraqi citizen may be one of the few citizens in the world, who complain about not accepting the deal in the national currency torn or damaged by some departments or institutions or shops, which causes him many problems and verbal quarrels may reach sometimes to conflict with hands in full view of The concerned authorities that did not issue a clear and direct order obligates everyone to deal with the currency in any way.

Currency torn within salaries

Al-Sabah spoke with more than one official and a citizen in order to shed light on this problem. "At the end of each month, we allocate more than (200) thousand dinars of the currency torn apart equally among the employees of our district," said a member of the committee to receive salaries in a state department.

The employee, who did not want to be named, said that «a lot of problems and verbal quarrels occur between us and the trustees of the Fund, who insist on handing over sums of money smuggled and affixed on both sides, beginning with the employee's suffering in how to manage this currency rejected by most dealers, Cabs to shop owners ». She cautioned the employee that all this is happening as a result of the absence of a number of measures and means that the Central Bank of Iraq to take to maintain the prestige of the currency and ease of circulation in the markets.

Currency exchange

For his part, the Director General of the Department of Repair and Storage in the Central Bank Agency Abdul Karim Hassan for «morning» that the bank issued instructions to government and commercial banks to receive the damaged banknotes from citizens and replace them without any fines and any quantity, stressing that banks violating these instructions will be In case of a complaint against her.

As for the burning or buried currency, Hassan pointed out that it is submitted to the Central Bank exclusively to replace them according to certain controls, noting that the bank is working on its part to solve this problem through the processing of Rafidain Bank and Rashid new banknotes and small categories to pay within the salaries of employees, He pointed out that the bank continues to print and improve the banknotes, especially small groups, and pump them to compensate for the damaged paper, while at the same time preserving the currency and accepting it whatever its status as a symbol representing Aadh country and inform the bank in the case of refusal of banks received the damaged currency of citizens.

The suffering of the working class

For his part, the citizen Rafie Abdul Latif MP, that the working classes and poor are the most social groups are vulnerable to deal with damaged currencies, because this segment traded in a lot of them, in addition to the currency itself to factors that lead to damage early, such as humidity and wetness and other things, That it was possible to deal previously with the torn currency, because some government outlets were not seen as harmful to deal with, and therefore not load the customer any case of embarrassment, but it is noted recently that even the petrol stations are refusing to accept the paper currency torn, so the government And The concerned authorities to enact laws to protect the currency , as is the case in a number of foreign countries , which issued legal provisions criminalizing those who refuse to deal if it was torn or An old. ​

Stamping of coins

On the re-minting of the coin for small groups and thus salvation from the problem of extinction of the currency currently in circulation, drew Professor of Economics, University of Nahrain Dr. Ngham Hussein Nima, that there were attempts in 2005-2006 to issue a coin of 250 dinars and 100 dinars and 50 dinars and 25 But the loss of the culture of trading in small metal groups among the public forced the Central Bank to stop circulation and convert it into scrap metal and sell it to a trader, so before taking any steps for the introduction of the coin must propagate the culture of trading in small metal categories To be eligible for acceptance and circulation as is the case in most countries of the world, and this is certainly the responsibility of the Central Bank of Iraq through the dissemination of financial culture among all segments of society and openness to the public to raise financial awareness among their ranks and the importance of dealing with metal groups And keep the coin from being damaged.

Currency protection measures

"The strength of the currency is in a positive situation with the power of the state. The stronger the country is, the more stable and the economy is in an active state, the stronger the economy is in the internal and external transactions," he said. And the means to preserve this currency, and try to secure their physical and moral status, from any external influences may be natural or by an actor, as for example on the counterfeiting of currency, or smuggling abroad, it may be among the solutions to be stressed on the need to respect the national currency and deal Regardless of their condition, and In case the currency is very tired or in poor condition, if it is torn or semi-damaged, the obligation of the government agencies to facilitate the taking or retrieval, and then delivery to banks, or the competent banking authorities to destroy them and issue a new currency instead of that damaged. link

Samson » May 20th, 2018

The ruling in absentia against an employee registering the property of Babel damaged public funds by more than 37 billion dinars

20th May, 2018

The Integrity Commission announced on Sunday that an absentee prison sentence for a female employee in the Real Estate Registration Directorate in the province of Babil had been issued to damage public funds by more than 37 billion dinars.

The Commission said in a statement received by "Al-Gharab Press" a copy of it, "The Criminal Court of Babylon issued a ruling in absentia against the convicted fugitive; for the manipulation of the disclosure of a number of properties pledged in the Iraqi Bank for Trade in the province of Babylon, and evaluation of these properties exaggerated, Which caused a waste of public money amounted to (37,536,015,600) billion dinars."

"The court, after reviewing the evidence available in this case, reached sufficient conviction to convict the defendant and sentenced her to seven years in prison, in accordance with the provisions of Article 340 of the Penal Code and the meaning of Articles 47, 48 and 49, and to issue an arrest warrant against her."

"The decision included the decision to oblige the convict to pay (37,536,015,600) billion dinars to the Iraqi Bank for Trade in solidarity and solidarity with other defendants separated their cases." LINK